Naira Hits New Low Against US Dollar as Foreign Exchange Market Continues to Decline

The Nigerian Naira depreciated further against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) for the third straight day on July 29. The currency lost N1.18 or 0.09 per cent to trade at N1,366.71/$1 compared to the previous day's rate of N1,365.53/$1.

Against the Euro, the Naira weakened by N2.44 to close at N1,555.32/€1, while it appreciated against the Pound Sterling by N2.38 to trade at N1,815.82/£1 versus the previous day's rate of N1,816.43/£1.

At the black market, the Naira traded flat against the greenback at N1,400/$1, and remained unchanged at the GTBank forex counter at N1,370/$1.